Plano & Plano Desenvolvimento Imobiliário S.A. (PLPL3) Q1 2026 earnings summary

Executive summary

• Launches in 1Q26 totaled BRL 989.3 million, down 16% year-over-year, but LTM launches reached a record BRL 5.1 billion, up 10.9% from 1Q25 LTM.

• Net sales for 1Q26 were BRL 841.8 million, down 1.6% year-over-year, with an average ticket up 13.8% to BRL 268.4 thousand.

• Net revenue grew 21.4% year-over-year to BRL 738.3 million, with private market revenue up 37.6%.

• Landbank reached BRL 34.5 billion, up 11.7% year-over-year, and units under construction hit a record 44,269.

• Equity increased 35.0% year-over-year to BRL 1,167.9 million as of March 2026.

Financial highlights

• Adjusted gross profit was BRL 217.4 million, up 5.1% year-over-year, but adjusted gross margin declined to 29.4% due to higher costs in legacy projects.

• Net income for 1Q26 was BRL 40.8 million, down 39% year-over-year, with net margin at 5.5%.

• Adjusted EBITDA was BRL 91.6 million, down 16% year-over-year, with margin at 12.4%.

• Operating income was BRL 69.7 million, margin 9.4%, down from 15.8% in 1Q25.

• Net debt stood at BRL 68.7 million, with net debt/equity at 5.9%.

Outlook and guidance

• Revenue to be recognized (backlog) reached BRL 3,438.4 million, up 34.8% year-over-year, supporting future results.

• Management expects higher-margin products launched in 2026 to gradually improve consolidated results.

• Positive cash generation is expected in 2Q26, driven by public contract receipts and sales to self-employed professionals.